Shell and partners delay decision on Australia's Crux gas project [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Shell and partners delay decision on Australia's Crux gas project SINGAPORE (Reuters) - Royal Dutch Shell said on Tuesday its Australian unit and joint venture partners had decided to delay a final investment decision (FID) on the Crux gas project in offshore Australia that was initially planned for 2020. The Crux project is one of several globally that have been delayed in recent months following the collapse in energy prices. LNG demand had been hitting record highs until recently thanks to appetite from China and India as they diversify away from dirtier coal power generation, but the crash in oil and gas prices has caused major LNG exporters to put off gigantic new facilities or expansions of existing projects. Shell and its joint venture partners decided to delay the FID “due to the global economic downturn, including the sharp drop in oil price, declining markets and uncertainties with regard to the COVID-19 pandemic,” a spokeswoman said in a statement emailed to Reuters, adding
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